Atlantic City see profits decline during first quarter

New Jersey’s Atlantic City has once again shown a decline in profits over the first quarter of 2013. This decline was substantial and represented a reduction in profits of 63.2% from the same time period in 2012.

In 2012 New Jersey saw a profit of $114.3 million however this quarter it only saw a mere $41.3 million. That is a substantial amount to see from a reduction point of view and worrisome to many within the New Jersey gaming community. It is hopeful that the legalizing of online gambling will bring much needed rejuvenation and help increase profits. It is believed that online betting will help bring in $181 million for the state in revenue however that amount is highly contested with many believing the number will be closer to $30.5 million. This is a huge difference between the two predictions that only time will tell who was closer to the mark.

Even though the results for the first quarter were dismal and the conflicting revenue models towards online gambling are different the outlook from those in the business who will be offering online betting within the state remain high. There is a feeling of positivity that online gambling is bringing to New Jersey from a profit perspective. The amount of money spent online by Americans gambling is huge and therefore previous numbers relating to potential profits are being used prior to the UIGEA taking effect.

Amaya Gaming has excellent year in 2012

Amaya Gaming, who is based in Montreal Canada, just released results for the year 2012. It shows a large increase in revenue and an overall strong close to the 2012 calendar year.

Some of the areas Amaya saw positive results include overall revenue at $76.45 million, which was an increase of $58 million from the previous year. This was mostly from its operations within North America and the Caribbean. They also reported a staggering 98% profit of $75.2 million. This is one of the best within the industry and shows that Amaya is a well run company.

They reported operating costs that amounted to $6.5 million towards marketing and sales. This was an increase of eight percent. Administrative costs rose substantially to $14.7 million and that represents an increase of 350%. There were also financial costs reports resulting from the Cryptologic acquisition as well as costs relating to the planned merger with Cadillac Jack.

Amaya Gaming is in a strong position to see continued growth through their products and other acquisitions within the industry.